Clients: Noah Properties and Environmental Protection Industries

A development team of Environmental Protection Industries and Noah Properties engaged Gruen Gruen + Associates (GG+A) to assist the team with obtaining entitlements and financial incentives for the redevelopment of a closed former Catholic high school on about 22 acres of land in River Grove, Illinois. The ultimate development program included 282 apartment units and 172 townhome units as well as an amenities center and park. The development has been substantially completed.

GG+A completed market research and financial feasibility analysis to evaluate potential land use programs and to identify the amount of financial assistance needed to bridge feasibility gaps. In addition, GG+A provided estimates of the economic and fiscal impacts associated with development options. GG+A prepared forecasts of the property tax increment revenue associate with the redevelopment and occupancy of the project.

Throughout the process, GG+A helped package development proposal submittals and answered questions raised by the consultants retained by River Grove to review the proposed project and incentives request. GG+A also assisted with the preparation of the redevelopment agreement including the description of the allocation of anticipated future property tax increment.

The Village of River Grove granted entitlements (development approvals) for the proposed project and has provided Tax Increment Finance (TIF) assistance of $30,000,000 to facilitate the redevelopment.